“Nigeria Loses $300 Million Yearly to Pipeline Vandalism” – NNPC

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The Nigerian National Petroleum Corporation, NNPC, latest annual statistical bulletin, released in Abuja, on Thursday, July 2, revealed that the country recorded 3,700 cases of pipeline vandalism in 2014 leading to this annual revenue loss.

The NNPC said that incidents of pipeline vandalism rose by 4.54 per cent in 2014, compared to the situation in 2013.

“A total of 3,732 line breaks was reported on NNPC pipelines out of which 3,700 was as a result of vandalism, while 32 cases were due to system deterioration,” it said.

It added that the resulting loss of both crude oil and refined petroleum products that go through the pipelines had cost nearly N60 billion.

The state-run oil company said total oil production for 2014 stood at 798.5 million barrels, a marginal drop of 0.24 per cent from 2013.

Stolen crude and illegally refined oil products , which are smuggled out and sold on the lucrative black market cost the country  $6 billion (5.4 million euros) a year in revenue.

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